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IRS simplifies penalty relief, introduces automatic process for eligible taxpayers

WASHINGTON — The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption…
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Safe harbor for contributions to Trump Accounts under the Working Families Tax Cuts

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-25 PDF providing a gift tax reporting safe harbor for certain contributions to Trump accounts created under the Working Families…
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U.S. States signed up to participate in the federal scholarship tax credit program

WASHINGTON — The Internal Revenue Service announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions…
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IRS announce intent to issue proposed regulations for tax-exempt organization

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-36 PDFannouncing intent to issue proposed regulations addressing the tax on excessive compensation and excess parachute payments to employees…
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Taxpayers can now view and submit Trump Account elections in their IRS Individual Account

WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts. Through IRS…
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Tens of Millions of Taxpayers May Be Eligible for Significant Tax Refunds

Tens of millions of taxpayers may be entitled to refunds or abatements of penalties and interest that the IRS assessed during the nearly 3.5-year COVID-19 federal disaster period. However, this relief will not happen automatically. To protect…
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Interest Income Tax Rate: The Kiddie Tax on Children’s Interest Income

If your child earns interest from a custodial account or savings bonds, the tax treatment depends on the amount. Under the most recently published IRS figures, a child’s first $1,350 of unearned income (interest, dividends, and capital gains…
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Eligible taxpayers may be able to resolve tax debt through an offer in compromise

There are options available to taxpayers if they can’t pay their tax debt in full or if doing so would cause financial hardship. One of them is called an offer in compromise. Factors such as income, expenses, asset equity and ability to pay…
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Treasury Department to deposit $1,000 into the account of each eligible child

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsproviding guidance regarding the contribution pilot program for Trump Accounts, which are a new type of traditional individual retirement…